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Moody's Ratings on Monday projected India to clock a 7.3 per cent growth in the current fiscal, and said the strong economic expansion would support average household incomes and stimulate demand for insurance protection. In its report on India's insurance sector, Moody's said the industry looks set to benefit from sustained premium growth on the back of robust economic expansion, increased digitisation, tax changes and a planned reform of the dominant state owned insurance sector. The increase should improve the industry's currently weak profitability. "We expect India's economy to grow by 7.3 per cent in FY 2025 (year to March 2026), up from 6.5 per cent the previous year. This will increase average incomes and support demand for insurance," it said. In FY 2024-25, GDP per capita rose 8.2 per cent year-on-year to USD 11,176, while headline GDP grew by 6.5 per cent. Moody's said India's robust economic growth contributed to a 17 per cent increase in total insurance premium revenue
A proposed board meeting of the Sir Ratan Tata Trust (SRTT), which was supposed to take up the appointment of Neville Tata, son of Tata Trusts Chairman Noel Tata, as a trustee on Saturday is understood to have been cancelled due to lack of quorum. The cancellation of the meeting comes over two months after the failure of the first attempt to induct Neville Tata on the board of SRTT, which holds 23.6 per cent in Tata Sons, the promoter holding firm of the over USD 180 billion Tata Group. "All trustees could not attend, which is a requirement for trustee appointment," a person with direct knowledge of the development said. The meeting could be rescheduled in the next few days, the person added. However, others said the cancellation could be to take more time for discussion among the trustees to reach a consensus on the appointment. Query to Tata Trusts remained unanswered. The trustees of SRTT are Noel Tata, Venu Srinivasan, Vijay Singh Jimmy N Tata, Jehangir HC Jehangir and Darius
Aviation watchdog DGCA on Saturday imposed a Rs 22.20-crore penalty on IndiGo for last month's massive flight disruptions and issued stern warnings to airline chief Pieter Elbers as well as two other senior executives. Besides, the regulator directed the airline to furnish Rs 50 crore bank guarantee to ensure compliance with its directives and long-term systemic correction. IndiGo cancelled hundreds of flights early in December, leaving thousands of passengers stranded across the country, as the airline was not adequately prepared to implement the new flight duty norms for pilots. Following the large-scale disruptions in IndiGo operations, aviation watchdog Directorate General of Civil Aviation (DGCA) set up a four-member committee headed by Joint Director General Sanjay K Brahmane to carry out a comprehensive review and assessment of the circumstances that led to such disruptions. The panel submitted its report to the DGCA on December 27 last year. "We are not taking this situati